Here are the worst credit card tips we found on Twitter

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Avoid these Twitter credit card tips.


Key points

  • Credit cards, if used responsibly, can help you boost your credit and earn rewards.
  • According to the Federal Trade Commission, the credit repair and relief industry is full of scams.
  • You should not use payday loans to pay your credit card bills.

We all know that social media isn’t always the best place to go for financial advice. But sometimes it’s hard to resist the urge to scroll through our Twitter feeds and see what people are saying about money. Here are some particularly bad credit card tips on Twitter. This should help you know what NOT to do with your credit cards.

Credit cards are bad

“The credit card is the cigarette of money. Everyone knows it’s bad and will kill you, but people still use it.”

Dave Ramsey is a well-known financial guru with bestselling books and millions of podcast listeners. He is firm in saying no to credit card and recommends his listeners to cut them out. This is good advice if you have no financial discipline and continue to use your cards with no way to pay them back. The problem is that a credit card is one of the main ways to get a credit score.

While it’s true that you shouldn’t use your credit card when you can’t pay it off, there’s nothing wrong with using it if you’re disciplined and pay it off every month. You can increase your credit score and earn great rewards along the way. I have personally earned enough credit card rewards to travel around the world multiple times. Having a credit card can also be a lifesaver in an emergency. Just make sure you have a plan to pay off the balance as soon as possible so you don’t pay interest on your balance.

We are committed to improving your credit score

When you type “credit cards” into the Twitter search bar, the vast majority are credit repair and debt relief companies promising to negotiate with creditors for reduce your debt or remove negative items from your credit file. Many also call themselves financial coaches, and they advertise services to help you manage your debt.

According to the Federal Trade Commission, the credit repair industry is full of scams. They target consumers with significant credit card debt and demand cash up front. One person offers a “full credit repair service” for $199. If you need help, you can do the same for free. If there are false negatives on your credit report, you can contact the credit bureaus directly to have them review it.

Credit repair services are different from credit counseling agencies, which are usually a free resource of nonprofit financial education organizations. These organizations will review your finances, debts and credit reports and work with you to help manage your financial situation. It is important to research a credit repair organization before agreeing to work with them. Avoid any company that promises to do things that are too good to be true.

Use payday loans to pay off your credit card debt

Would you like to pay 400% interest on a loan? How about 1.950%? Well, that’s what a payday loan costs. There are many advertisements on Twitter offering you a payday loan with no credit check and instant approval. Payday loans are short-term, high-interest loans that are usually for less than $500. Many borrowers who run out of funds before receiving their next paycheck turn to a payday lender to fill the gap.

Many people get payday loans for small immediate expenses. These loans usually have to be repaid within a few weeks. Because fees and interest are high, many borrowers are unable to pay them off completely and roll them over to another loan, thus taking on more fees. Payday loans are also called cash advances or check advances. There are others alternatives to payday loans who can help you pay your bills if you are short on cash.

When it comes to financial advice, social media isn’t always the best place to look. This is some really bad credit card advice we found on Twitter, and we wanted to share it with you so you know what NOT to do with your cards. Careless use of your credit card can lead to serious debt problems.

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